Ready To Drill Test Multiple Gold-Copper Porphyry Targets In New Year
Magmatic Resources (ASX:MAG) has achieved its best drilling results to date at the Lady Isle Prospect within its Wellington North Project in New South Wales.
Assays from the diamond drilling programme have highlighted a southern porphyry target zone. Results received indicate broad zones of gold and porphyry pathfinder anomalism consistent with the periphery of a Boda-style porphyry system.
Magmatic said the results warrant further drilling planned to commence in early 2021.
The company is also planning to drilling activities at the Boda South anf Rockleigh gold-copper porphyry targets and Kingswood copper-gold porphyry target in the New Year.
The Boda South target represents the interpreted southern strike continuation of the Boda gold- copper porphyry belt in NSW, via its displacement westwards along the Bodangora Fault and where it encompasses the historic Bodangora Gold Mining District (230koz Au @ 26g/t Au)
Access and permitting has been granted with shallow aircore drilling, targeting areas of anomalous rockchip gold anomalism planned to commence in late January 2021.
The Rockleigh target shows encouraging indications of a large mineral system being defined by an open zone of augur gold and porphyry pathfinder anomalism within Boda equivalent rocks.
Access and permitting has been granted with shallow aircore drilling planned to commence in late January 2021,
The planned drilling of a priority copper-gold porphyry target at Kingswood within the Myall Project has received access and permitting with the rig due to mobilise in early January 2021.
Magmatic’s 100%-owned Wellington North Project covers the northern extension of the Molong Volcanic Belt, located ~110km north and along strike from Newcrest’s world-class Cadia Valley porphyry gold-copper deposits and surrounding Alkane Resources’ recent Boda porphyry discovery.
The Wellington North Project comprises three exploration licences that essentially surround the Boda discovery, covering 177km2 and is considered highly prospective for gold-copper porphyry, gold epithermal and lode style gold mineralisation.
Magmatic believes the recent Boda gold-copper porphyry discovery by Alkane Resources Ltd has highlighted the value of its dominant surrounding tenure position in the northern Molong Belt, in what is emerging as a globally significant gold-copper porphyry discovery hotspot. The Boda discovery has highlighted the surface signature of porphyry mineralisation in the area and has significantly upgraded Magmatic’s target portfolio for Boda-style gold-copper porphyry.
